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Blockholder Dispersion and Firm Value
Konijn, Sander J.J.; Kraeussl, Roman; Lucas, Andre - 2009
This paper analyzes the impact of blockownership dispersion on firm value. Blockholdings by multiple blockholders is a widespread phenomenon in the U.S. market. It is not clear, however, whether dispersion among blockholder is preferable to having a more concentrated ownership structure. To test...
Persistent link: https://www.econbiz.de/10010325997
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Blockholder dispersion and firm value
Konijn, Sander J. J.; Kräussl, Roman; Lucas, André - 2010
This paper analyzes the impact of blockownership dispersion on firm value. Blockholdings by multiple blockholders is a widespread phenomenon in the U.S. market. It is not clear, however, whether dispersion among blockholder is preferable to having a more concentrated ownership structure. To test...
Persistent link: https://www.econbiz.de/10010303754
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A Triptych Inquiry: Rethinking Sustainability, Innovation, and Financial Performance
Busch, Timo; Stinchfield, Bryan T.; Wood, Matthew S. - 2011
Management scholars have sought to answer the question: is there a financial payoff for ad-dressing ecological and social issues? We move beyond this question and include a time com-ponent for corporate financial performance (CFP) and a firm’s innovativeness in order to ask: when does it pay?...
Persistent link: https://www.econbiz.de/10010325873
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Inflation, Human Capital and Tobin's q
Basu, Parantap; Gillman, Max; Pearlman, Joseph - 2010
A less well-known empirical finding for the US and UK is a pronounced low frequency negative relationship between inflation and Tobin's q; a normalized market price of capital. This stylized fact is explained within a dynamic stochastic general equilibrium model using three key features: (i) a...
Persistent link: https://www.econbiz.de/10010494429
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Does corporate governance reform necessarily boost firm performance? Recent evidence from Russia
Kuznecovs, Mihails; Pal, Sarmistha - 2012
This paper examines whether the introduction of corporate governance (CG) reforms in general and that of transparency and disclosure (T&D) rules in particular can necessarily boost firm performance. Existing literature suggests that CG reforms can boost performance because it can resolve the...
Persistent link: https://www.econbiz.de/10010282468
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The survival and growth of 'adolescent' high-tech firms in Germany and the UK, 1997-2003
Cowling, Marc; Fryges, Helmut; Licht, Georg; Murray, Gordon - 2007
Persistent link: https://www.econbiz.de/10010527506
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Tournaments and managerial incentives in China's listed firms: new evidence
Kato, Takao; Long, Cheryl - 2008
The promotion tournament as a potentially important incentive mechanism for top management in transition economies has not been examined by the emerging literature on managerial incentives in transition economies. This paper is the first attempt to fill this important gap in the literature. The...
Persistent link: https://www.econbiz.de/10010268884
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Estimating Managers' Utility Maximizing Demand for Agency Goods
Hughes, Joseph P.; Moon, Choon-Geol - 2003
An empirical model of managers' demand for agency goods is derived and estimated using the Almost Ideal Demand System … of Deaton and Muellbauer (AER 1980). As in Jensen and Meckling (JFE 1976), we derive managers' demand for agency goods by … maximizing a managerial utility function where managers allocate the potential value of their firm's assets to the consumption of …
Persistent link: https://www.econbiz.de/10010274320
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Do bankers sacrifice value to build empires? Managerial incentives, industry consolidation, and financial performance
Hughes, Joseph P.; Lang, William W.; Mester, Loretta J.; … - 2001
performance, and smaller asset size. However, when managers are faced with better growth opportunities, they generally appear to … increase in acquired assets is associated with worse performance at banks with entrenched managers. In contrast, a larger … obtained by entrenched managers, who may be able to resist market discipline to build empires. …
Persistent link: https://www.econbiz.de/10010318372
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Vállalatok tulajdonosi irányításának változatai: (Felmérések tanulságai)
Vince, Péter - 2007
The paper presents the results of two surveys on how ownership structure and corporate governance affect corporate performance. The analyses focus on the question whether the differences among the performances of firms can be attributed to the various types of ownership structures and corporate...
Persistent link: https://www.econbiz.de/10010494357